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Note 11 - Net Income (Loss) Per Common Share | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Earnings Per Share [Text Block] | 11. Net income (loss) per common share The Company considers its unexercised warrants and unvested restricted shares, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and warrants) is calculated by dividing net income by the weighted average number of shares of common stock and warrants outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method, whichever is more dilutive. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect. The following table presents computations of basic and diluted earnings per share under the two-class method:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands, except share and earnings per share data) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Basic earnings (loss) per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 7,876 |  |  | $ | (16,380 | ) |  | $ | 6,758 |  |  | $ | 5,928 |
Amount attributable to unvested restricted shares |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | (674 | )
Amount attributable to warrants outstanding |  |  | (215 | ) |  |  | - |  |  |  | (208 | ) |  |  | (161 | )
Net income (loss) allocated to common shareholders |  |  | 7,661 |  |  |  | (16,380 | ) |  |  | 6,543 |  |  |  | 5,093 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares issued and outstanding |  |  | 38,072,712 |  |  |  | 23,292,635 |  |  |  | 35,668,124 |  |  |  | 22,151,726 |
Basic earnings (loss) per common share |  | $ | 0.20 |  |  | $ | (0.70 | ) |  | $ | 0.18 |  |  | $ | 0.23 |
Diluted earnings (loss) per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 7,876 |  |  | $ | (16,380 | ) |  | $ | 6,758 |  |  | $ | 5,928 |
Amount attributable to unvested restricted shares |  |  | (208 | ) |  |  | - |  |  |  | (200 | ) |  |  | - |
Amount attributable to warrants |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | (106 | )
Less: gain related to change in fair value of warrants |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,472 | )
Diluted earnings (loss) allocated to common shareholders |  |  | 7,668 |  |  |  | (16,380 | ) |  |  | 6,551 |  |  |  | 350 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares issued and outstanding |  |  | 38,072,712 |  |  |  | 23,292,635 |  |  |  | 35,668,124 |  |  |  | 22,151,726 |
Dilutive potential common shares from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 1,249,810 |  |  |  | - |  |  |  | 1,436,767 |  |  |  | 1,717,253 |
Restricted shares |  |  | 1,067,576 |  |  |  | - |  |  |  | 1,134,003 |  |  |  | 237,234 |
Warrants |  |  | - |  |  |  | - |  |  |  | 36,709 |  |  |  | 2,907,367 |
Diluted weighted average shares issued and outstanding |  |  | 40,390,098 |  |  |  | 23,292,635 |  |  |  | 38,275,603 |  |  |  | 27,013,580 |
Diluted earnings (loss) per common share |  | $ | 0.19 |  |  | $ | (0.70 | ) |  | $ | 0.17 |  |  | $ | 0.01 |
The following table sets forth the number of weighted-average common shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Stock options and restricted stock awards |  |  | - |  |  |  | 1,965,455 |  |  |  | - |  |  |  | - |
Warrants |  |  | - |  |  |  | 1,885,727 |  |  |  | - |  |  |  | - |
Total |  |  | - |  |  |  | 3,851,182 |  |  |  | - |  |  |  | - |

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